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JOHNSON & JOHNSON 8-K Report, Financial Results (Jan 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 21, 2026
Period End
January 21, 2026
Security
JNJ
In the record · 2016–202610-K1110-Q338-K134

JNJ filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Apr ’18Apr ’18
  2. Leadership change8-K · Dec ’20Dec ’20
  3. Deal closed8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’24Sep ’24

01—Abstract

Summary

Summary of the 8-K filed January 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Johnson & Johnson reported fourth-quarter and full-year 2025 results on January 21, 2026 (quarter ended December 28, 2025).

Q4 reported sales rose 9.1% to $24.6 billiona, with operational growth of 7.1% and adjusted operational growth of 6.1% (excluding acquisitions/divestitures and currency). Q4 GAAP diluted EPS was $2.10 versus $1.41 a year earlier, while adjusted EPS was $2.46, up 20.6%. Both figures include a $(0.10) drag from the Halda Therapeutics acquisition.

Full-year 2025 reported sales grew 6.0% to $94.2 billionb, with adjusted operational growth of 4.2%. Full-year GAAP EPS was $11.03 (up 90.5%, helped by a large litigation-related pre-tax gain of about $6.0 billion), and adjusted EPS was $10.79 (up 8.1%). Free cash flow was approximately $19.7 billion, versus $19.8 billion in 2024.

Growth was broad-based across both segments. Innovative Medicine rose 10.0%c in Q4 and MedTech rose 7.5%. Full-year Innovative Medicine growth was driven by DARZALEX, CARVYKTI, ERLEADA, RYBREVANT/LAZCLUZE, TREMFYA, SPRAVATO and CAPLYTA, partly offset by a roughly 1,040 basis point drag from STELARA's loss of exclusivity.

MedTech growth was led by electrophysiology, Abiomed and wound closure products. The company also flagged FDA submission of the OTTAVA robotic surgical system, the Halda acquisition, and a planned separation of its Orthopaedics business. For 2026, management guided to estimated reported sales of $100.0d–$101.0 billion (midpoint $100.5 billion, +6.7%) and adjusted EPS of $11.43–$11.63 (midpoint $11.53, +6.9%).

Guidance assumes a EUR/USD rate of $1.17. Investors should note that GAAP results are heavily affected by litigation items, so adjusted figures are more comparable year over year. The filing itself is a routine earnings 8-K (Item 2.02) and does not disclose new contingent liabilities or other non-earnings events.

02—Key points

Key Highlights

  1. Q4 2025 reported sales of $24.6B, up 9.1% (7.1% operational; 6.1% adjusted operational), with Innovative Medicine up 10.0% and MedTech up 7.5%.
  2. Q4 GAAP diluted EPS of $2.10 (up 48.9%) vs. adjusted EPS of $2.46 (up 20.6%); both include a $(0.10) hit from the Halda Therapeutics acquisition.
  3. Full-year 2025 reported sales of $94.2B (up 6.0%); adjusted operational growth of 4.2%, held back by STELARA erosion (about 1,040 bps drag).
  4. Full-year GAAP EPS of $11.03 (up 90.5%) was boosted by a litigation-related pre-tax gain of about $6.0B; adjusted EPS of $10.79 rose 8.1%.
  5. 2026 guidance: reported sales of $100.0–$101.0B (6.7% growth at midpoint) and adjusted EPS of $11.43–$11.63 (6.9% growth at midpoint).
  6. Strong 2025 pipeline and regulatory activity: CAPLYTA approval for major depressive disorder, RYBREVANT FASPRO + LAZCLUZE approval, and OTTAVA FDA submission.
  7. Announced intent to separate the Orthopaedics business, and completed the Halda Therapeutics acquisition.

03—Questions

Frequently Asked Questions

  1. How did Johnson & Johnson perform in Q4 2025 and full-year 2025?

    Q4 2025 reported sales were $24.6 billion, up 9.1%, with adjusted operational growth of 6.1%. Full-year 2025 reported sales were $94.2 billion, up 6.0%, with adjusted operational growth of 4.2%. Adjusted EPS was $2.46 for Q4 (up 20.6%) and $10.79 for the full year (up 8.1%).

  2. Why is GAAP EPS growth so much higher than adjusted EPS growth?

    Full-year GAAP EPS of $11.03 (up 90.5%) includes a large litigation-related pre-tax gain of about $6.0 billion, which lifted 2025 reported earnings. Adjusted EPS excludes litigation and other special items plus intangible amortization, so it gives a cleaner year-over-year comparison, showing growth of 8.1%.

  3. What is the 2026 outlook?

    For 2026, J&J guided to estimated reported sales of $100.0–$101.0 billion (midpoint $100.5 billion, +6.7%) and adjusted EPS of $11.43–$11.63 (midpoint $11.53, +6.9%). The guidance uses a EUR/USD rate of $1.17, and management noted that legal and acquisition-related items are excluded from GAAP forecasts.

  4. What were the main growth drivers and headwinds in 2025?

    Growth was led by oncology products (DARZALEX, CARVYKTI, ERLEADA, RYBREVANT/LAZCLUZE), TREMFYA, SPRAVATO and CAPLYTA, plus MedTech electrophysiology and Abiomed. The main headwind was STELARA, whose sales declined sharply and reduced Innovative Medicine growth by roughly 1,040 basis points.

  5. What strategic actions were disclosed?

    J&J completed the acquisition of Halda Therapeutics, submitted the OTTAVA robotic surgical system to the FDA, and announced its intent to separate the Orthopaedics business. Several regulatory approvals were also reported, including CAPLYTA for major depressive disorder and RYBREVANT FASPRO plus LAZCLUZE.

04—Continue

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